Understanding Canadian Federal and Provincial Taxes
What are Taxes?
Canada has three levels of government (federal, provincial, and municipal) that provide services and programs for its citizens. In order to fund these services the governments levy income taxes, sales taxes, property taxes, and corporate taxes. In order to make sound financial decisions one must consider the tax implications that may arise (tax benefits or tax consequences).
Who is required to pay income taxes in Canada?
All students residing in Canada, including international students, are obliged to file their taxes. And while this might seem like a messy task to partake in—especially with exams around the corner, doing so will help you get refunds on several expenses you’ve made throughout the year.
Documents you will need to file your taxes:
Here is a list of the most common documents students might require to file their taxes. However, your accountant or tax professional may require other documentation depending on your situation.
Employers and institutions have until February 28th to release your tax documents. If you have not received your documents before March 1st, please contact your employer and/or institution for guidance.
Key dates for filing 2022 income taxes
Where can you file your taxes?
You can file your taxes through a Tax Preparation Specialist or online through tax filing software. If you are new to filing your taxes, it is recommended that you go through a Tax Preparation Specialist.
You can check if there is a free tax clinic available in your area by checking the CRA website: Find a tax clinic in your area (cra-arc.gc.ca)
February 07th, 2023Read Now
SCSU, FOOD AND YOU
Have you heard about the Food Bank operated by the SCSU?
If you are new, you should visit the food bank which is open on Wednesdays and Fridays, from 10am until 2pm, so that you can make it on either of the days. The food bank carries non-perishable food items, fresh produce, toiletries and gently used clothing items sometimes.
The Food Bank is located close to the J wing, so when you’re coming to school on the Food Bank days, don’t forget to keep a grocery bag handy.
The Sault College Students’ Union also operates a breakfast program in the college, on Thursdays. The program runs from 8am to 10am and serves a variety of healthy breakfast choices.
One of the necessities of life is food and breakfast they say, is the most important meal of the day. We understand that when there is food in your tummy, then you are on the right track for a productive day.
These initiatives are free for all students, and you should absolutely take advantage of them. Stay healthy. Eat right and live well.
We care about you!
Importance of networkingRead Now
When you interact with others to exchange information and develop contacts, which might be professional or social, that’s networking!
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